Economy Archives — Page 229 of 235

July 25, 2016 No Responses

Lagos targets N30b monthly revenue

(NAN) The Lagos State Government on Sunday said it will reduce dependence on federal allocation by increasing its Internally Generated Revenue (IGR) to a monthly target of N30 billion in 2017. It also said that it would increase the IGR...

July 24, 2016 No Responses

CBN direct banks to sell forex to BDCs

By Moses Ebosele – AS part of measures to ensure stability of the Exchange rate, the Central Bank of Nigeria (CBN) has directed agent banks approved for international money transfer operators to sell foreign currency accruing from inward money remittan...

July 24, 2016 No Responses

LCCI partners German counterpart on trade, investment

By Moses Ebosele – The Lagos Chamber of Commerce and Industry (LCCI) has signed a Memorandum of Understanding (MOU) with Delegation of German Industry and Commerce in Nigeria (DGIC) as part of measures to boost trade, investment and knowledge transfer....

July 22, 2016 No Responses

Nigeria in recession, minister admits

The Minister of Finance, Mrs Kemi Adeosun, has admitted that Nigeria’s economy is going through a recession. Speaking during plenary session at the Senate, the minister explained that the Federal Government is aware of the sufferings the recession may have.....

July 21, 2016 No Responses

Presco shareholders get N1billion dividend today

By Moses Ebosele – Proposal by the board of Presco Plc to pay a dividend of 100kobo per share, amounting to N1billion for the year ended December 31, 2015 has been approved by shareholders. Addressing shareholders yesterday during the company’s.....

July 21, 2016 No Responses

Lafarge records N28billion loss in Q2

By Moses Ebosele – For the second quarter ended June 2016, Lafarge Africa Plc has recorded a pre-tax loss of N28billion. In its report to the Nigerian Stock Exchange (NSE) yesterday, the company attributed the loss to dwindling foreign...

July 21, 2016 No Responses

NSE partners Dangote Cement on price information scheme

By Moses Ebosele – The Nigerian Stock Exchange (NSE) has entered into a contract to provide Dangote Cement Plc its Issuers Share Price Information service. The Issuers Share Price Information is an offering that enables companies listed on the...

July 20, 2016 No Responses

Expert cautions against mass retrenchment

By Moses Ebosele – AN economist, Matthew R. Otoide has challenged the Federal Government to ‘do everything within its power’ to stop ongoing retrenchment across the country. In a chat with City BusinessNews, Otoide explained that the developme...

July 20, 2016 No Responses

UBA partners Mastercard on payments infrastructure

TO further consolidate on its activities, United Bank for Africa (UBA) has partnered Master Card on payment infrastructure across the Africa continent. The partnership which cuts across the 19 African countries in which UBA currently operates include Nige...

July 19, 2016 No Responses

Anxiety as inflation hits 16.5 per cent

By Moses Ebosele – Economic challenges confronting Nigeria assumes more disturbing dimensions as the Consumer Price Index (CPI) increased to its highest point of 16.5 per cent since 2005. The report released by the National Bureau of Statistics (NBS...

July 19, 2016 No Responses

New NPA boss harps on improved revenue generation

By Moses Ebosele – The Nigerian Ports Authority (NPA) will strive for enhanced operating efficiencies to facilitate improved revenue generation and inflows into the national treasury, newly appointed Managing Director, Hadiza Bala-Usman has said. ...

July 19, 2016 No Responses

Presidency pledges full complince with fiscal responsibility act

The Federal Government has reiterated its resolve to fully comply with the provisions of the Fiscal Responsibility Act and other extant laws as they relate to the submission of budget proposals to the National Assembly. Presidential spokesman, Garba Shehu.....

July 18, 2016 No Responses

Investors stake N3.8b on three banks in one week

By Moses Ebosele – For the week ended July 15, 2016, transactions in FBN Holdings Plc, Guaranty Trust Bank Plc and Access Bank Plc accounted for 353.999 million shares worth N3.867 billion in 4,188 deals. At the end of...

July 18, 2016 No Responses

NCC remits N70b into federation account

Between December 2015 and March 2016, the Nigerian Communications Commission (NCC), remitted N70 billion into the federation account. The amount according to a statement issued by the commission is in addition to the N30 billion paid by MTN Nigeria Communica...